Americas News
Key Miami Bunker Storage Facility Sold for $180 Million
The main bunker storage facility serving Miami's suppliers has been sold for about $180 million.
Denver-based TransMontaigne Partners has agreed to sell its Fisher Island fuel depot to an unnamed buyer for about $180 million, it said in an SEC filing last month.
The deal is expected to close on or about May 15, after which TransMontaigne will lease the terminal back from the buyer. The company had initially put the 10-acre site up for sale in May 2024, with bids starting at $200 million.
The facility is likely to continue being used for fossil fuel storage until at least 2027 under current contracts, and the filing gives no further information on its use in the years to come. The site, off the coast of Miami Beach, may be of interest to developers seeking to built luxury development property.
The facility has about 700,000 bl of marine fuels storage.
The company acquired the facility - the only large bunker terminal in the Miami area - in 2003.
TransMontaigne has also sold its 500,000 bl Fairfax refined products storage terminal for about $30.75 million, it said in the filing. The terminal is used for gasoline, diesel, ethanol and fuel additive storage.
"These terminal sales reflect the intrinsic value of TransMontaigne's assets," Randy Maffett, CEO of TransMontaigne, said in the filing.
"The transactions will allow us to continue to focus on strategic growth to support our customer demand and facilitate energy transition related projects."
